Off shore trading

Discussion in 'Professional Trading' started by praetorian2, Apr 12, 2002.

  1. tjymaui


    Thank you for the advice.

    I am not paying taxes on gains, sorry for the misunderstanding. I am paying income tax on the income made here.

    If I do form an IBC, is there a way the IRS tracks? I don't think so but I am not sure. If I am going to form an IBC, I'll form it using my non-US citizenship and name. I don't know how the IRS operates as I've been out of the US for so long but everyone seems to be terrified of the IRS or of the penalties they will dole out to those who don't abide by the IRS rules. I've been away for so long........
    #31     Apr 15, 2002
  2. You are not breaking any rules, the track it when you disclose it on your return.

    Ownership of an IBC is legal for a US person, just take advantage of the rules.
    #32     Apr 15, 2002
  3. just21


    If you give up your us citzenship, move to london or uk, apply for non-domicle status from Inland revenue, no-one has ever been refused, then all money made outside uk is tax free. We have a lot of rich greek ship owners and other billionaires living in uk who only pay tax on small uk earnings. Pressure on government to close loophole has been resisted for years.
    #33     Apr 15, 2002
  4. If you give up your US passport, how hard is it to get UK passport with no right to work?
    #34     Apr 15, 2002
  5. just21


    Two signatures needed for uk passport after you have been resident for a few years. You don't have to get a uk passport though anything will do. Americans have to give up citzenship because they are liable for any income from any country.
    #35     Apr 15, 2002
  6. some of you guys are sure there are rich people in other countries that would give multi millions for us citizenship and you are talking about giving it away.
    #36     Apr 15, 2002
  7. just21


    I'm English but excluded from your racist green card lottery. I'd love to move to Florida but can only go for three months. It must be nice to wake up and put some trades on without having to wait until 2:30pm!
    #37     Apr 15, 2002
  8. Just21,

    Thanks for the information.

    Move to the Bahamas and visit Florida on weekends, better idea.
    #38     Apr 15, 2002
  9. #39     Apr 15, 2002
  10. just21


    It doesn't mention tourist visas which are three months. Might create some supply in your housing market if you don't let all the tourists in with houses in america. My mother has two!
    #40     Apr 15, 2002